[ad_1]
Unlock the Editor’s Digest without spending a dime
Roula Khalaf, Editor of the FT, selects her favorite tales on this weekly e-newsletter.
Nike chief govt John Donahoe will retire subsequent month in an abrupt management change punctuating a interval of dour monetary efficiency on the world’s largest sportswear maker.
Nike’s board of administrators mentioned on Thursday that Elliott Hill, a Nike veteran who beforehand served as president of client market earlier than retiring in 2020, will return to take the highest job efficient October 14.
Donahoe, previously of Bain consulting and eBay, was solely the second chief govt in Nike’s half-century historical past to be employed from exterior the corporate, and has served within the position since January 2020. He initially received reward for steering the model by way of the coronavirus pandemic and accelerating its shift in direction of direct to client gross sales.
However in current months, Nike has ceded market share to rivals together with upstarts On and Hoka, and the firm lowered its steerage in June, resulting in a dramatic inventory sell-off.
Nike shares rose 9 per cent after the change was introduced.
This can be a creating story
[ad_2]